D&M Manufacturing Industry Newsletter

October 2024

Abby K. Sweers, CPA

Featured Article From Our Experts

Is Your Manufacturing Company Subject to the New Beneficial Ownership Information Reporting?

With the Corporate Transparency Act, which took effect on January 1, 2024, businesses are now required to comply with the new regulations mandating the reporting of Beneficiary Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN). In this article, I will clarify which companies need to meet this new filing requirement and outline the specific information that must be submitted.

Manufacturers: Implement Year-End Tax Planning Strategies Now To Reduce Your 2024 Tax Bill

As the year-end approaches, manufacturers have a final opportunity to implement strategies to help lower their 2024 tax liability. Taking the time now to focus on year-end tax planning can offer significant benefits when it’s time to file next year. In this article, we’ll provide key tips and strategies to consider, helping you maximize tax savings and position your manufacturing business for financial success.

Managing Workers’ Compensation and Unemployment Insurance Costs

Managing workers' compensation and unemployment insurance costs is essential for manufacturers to protect their bottom line. Without the right strategies in place, these labor-related expenses can spiral out of control. In this article, discover actionable steps to lower workers' comp premiums and safeguard your company's financial health.

Is Your Buy-Sell Agreement Up to Date?

A buy-sell agreement serves as more than a legal formality; it is essential for ensuring a smooth transition of ownership and management when an owner passes away, becomes disabled, or exits the company. To remain effective, this agreement requires regular reviews and updates. This article discusses the importance of routinely revisiting your buy-sell agreement and outlines key factors to consider during the review process.

Register for Our Annual Tax & Financial Planning Conference on November 6, 2024!

Don't miss our Annual Tax & Financial Planning Conference! Stay ahead of the latest tax, accounting and financial developments while learning key year-end strategies to minimize your tax liability and meet your financial goals. This year, we are excited to welcome keynote speaker Elizabeth Parmley, P.E., I-81 Viaduct Project Director. CPE credit will be offered.

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About Dannible & McKee, LLP

Dannible & McKee, LLP has been providing audit, tax, accounting and financial management consulting services to clients nationwide since 1978. The hallmark of our firm is our technical expertise, depth of experience and our approach to delivering quality service to our clients. We understand the unique needs of manufacturers, and our team of manufacturing specialists is well-versed and experienced in manufacturing concerns and able to address your needs. We are involved in many organizations that serve manufacturers, including the Manufacturers Association of Central New York (MACNY) and the Central New York Technology Development Organization (CNY TDO). We are also Upstate New York’s first-ever affiliate of GGI Global Alliance (GGI), the prestigious international organization of professional firms.

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DM Financial Plaza, 221 South Warren Street, Suite 500, Syracuse, NY 13202

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To learn more about Dannible & McKee, visit us at: www.dmcpas.com.